Erin Lowry is the author of the “Broke Millennial” book series. Lowry also runs the Broke Millennial website, where she provides coaching and financial literacy services to her audience, primarily serving millennials.
Chosen as a Top Money Expert by GOBankingRates, she provides her expert opinion on the biggest mistake people make when it comes to money.
What’s the biggest mistake people make when it comes to money, and what should they do instead?
People too often discount the emotional element of money and fixate on how a budget or a debt repayment plan is supposed to work. Then, when they inevitably trip up, there’s a deep sense of failure and belief that they just can’t stick to a budget or a debt repayment plan. That’s not true. You just have to figure out what works for you and your emotional triggers around money. How we handle our personal finances has just as much to do with our psychology as it does with the math of how money works. A method of managing money that works for your parents, friends, co-workers, siblings or spouse is not necessarily what will connect for you — and that’s totally OK.
Jaime Catmull contributed to the reporting for this article.
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